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Ignore what they say, watch what they do.

https://uk.finance.yahoo.com/news/nationwide-temporarily-pulls-sales-mortgages-165653646.html

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Britain’s biggest building society is temporarily pulling its mortgage offering for low-deposit borrowers such as first-time buyers.

Nationwide Building Society said that from Tuesday, all fixed-rate and tracker mortgages above 75% loan-to-value (LTV) will be withdrawn from sale, either online or through brokers, for remortgaging, first-time buyers and new house purchases.

 

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! The majority of people who bought in the last 5-10 years will still be above 75% LTV - so what happens if their fixed deal ends this week? go on to the high 'standard variable rate' for the foreseeable? this will affect a large number of 'homeownerz'

 

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29 minutes ago, rantnrave said:

Next Nationwide monthly report due out Thurs morning

meh, it will be "positive" for us I am sure, but we have to wait until we see blood on the street, and people capitulating about their hopes of being property millionaires, it will have to wait until people can go outside again

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13 minutes ago, Andy T said:

! The majority of people who bought in the last 5-10 years will still be above 75% LTV - so what happens if their fixed deal ends this week? go on to the high 'standard variable rate' for the foreseeable? this will affect a large number of 'homeownerz'

 

You can see the whining and the 'but i was missold....' arguments coupled with sad pictures of Mr and Mrs DebtJunkie in the Daily Heil

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12 minutes ago, Andy T said:

! The majority of people who bought in the last 5-10 years will still be above 75% LTV - so what happens if their fixed deal ends this week? go on to the high 'standard variable rate' for the foreseeable? this will affect a large number of 'homeownerz'

 

The majority - or at least getting there -  of people who bought in the last 5 years were either BTLers of HTBers.

Both groups face being shifted over to very expensive SVRs and being milked.

HTB are going to see their mortgage cost go from ~3% of 80% to 6% of 80% + the HTB loan costs rising ~1%+RPI a year.

 

 

 

 

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2 minutes ago, longgone said:

does being a mostly cash buyer help in these situations ?

Unsure anyone can really answer that, all of the usual buying process is out of the window for the foreseeable. 

Maybe it does, if you're prepared to forgo the usual activities like viewings, survey etc. and make cash offer on a house that somebody really and truly cannot wait a few more months to sell.

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8 minutes ago, btd1981 said:

Unsure anyone can really answer that, all of the usual buying process is out of the window for the foreseeable. 

Maybe it does, if you're prepared to forgo the usual activities like viewings, survey etc. and make cash offer on a house that somebody really and truly cannot wait a few more months to sell.

it will be more a case of after the lock downs are over.  

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20 minutes ago, longgone said:

it will be more a case of after the lock downs are over.  

Maybe for a short time, as you would be able to move faster to completion, and therefore probably more desirable to a distressed seller that had been able to hang on.

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51 minutes ago, rantnrave said:

BBC: Coronavirus: UK mortgage market goes into lockdown

https://www.bbc.co.uk/news/business-52106119

 

From the article:-

Chris Sykes, mortgage consultant at broker Private Finance, reckons there are good reasons for the changes.

"Lenders are having to work at a lower capacity because of staff being off and having to deal with thousands of calls for mortgage payment holidays," he said.

"So they don't really have the capacity to do a lot of new mortgages right now. If they are going to do any, they want high-quality low-risk mortgages."

Yea right! Like they would turn down new business if they thought there was a profit in it.

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Can we quell the excitement a little, maybe temper it with concern about loved ones etc. It's just not a good look, we don't want to come across as vultures. I for one would love there to be 20/30% falls in house prices but am more concerned about my loved ones at the moment. 

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12 minutes ago, spacedin said:

Can we quell the excitement a little, maybe temper it with concern about loved ones etc. It's just not a good look, we don't want to come across as vultures. I for one would love there to be 20/30% falls in house prices but am more concerned about my loved ones at the moment. 

I'm not. They think I'm weird for not having an eye watering mortgage and being able to sleep at night. I'm sick of the passive aggressive abuse.

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37 minutes ago, spacedin said:

Can we quell the excitement a little, maybe temper it with concern about loved ones etc. It's just not a good look, we don't want to come across as vultures. I for one would love there to be 20/30% falls in house prices but am more concerned about my loved ones at the moment. 

I have massive concern and love for my loved ones

I also think (at exactly the same time as the concern and love above) 20/30% falls are paltry and i would only be happy with the falls if they were 50%+. Preferably much, much more ☺

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1 hour ago, spacedin said:

Can we quell the excitement a little, maybe temper it with concern about loved ones etc. It's just not a good look, we don't want to come across as vultures. I for one would love there to be 20/30% falls in house prices but am more concerned about my loved ones at the moment. 

My son and his intended WERE set to buy...hopefully not now. So i am looking out for my loved ones, i dont want them to be the greater fools.

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I was told that loans above 60%LTV had only been temporarily withdrawn because at 60% lenders were happy to use desktop valuations but above that they really needed thorough valuations and these weren't possible because valuers weren't going into houses.  Is that not right?

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  • 417 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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